In December, the total market capitalization of memecoins fell by about 30%, indicating that the growth momentum and demand for this asset class is showing signs of slowing down.

On December 1, the total market capitalization of memecoins reached $120.14 billion, then increased to $137.06 billion on December 9, but plummeted to just $92.67 billion on December 23, marking a 32.38% drop over the course of the month.

At the time of writing, memecoin's total market capitalization is currently at $97.8 billion, down 17% from the beginning of the month.

Memecoin Market Capitalization | Source: Coinmarketcap

Pepe and the memecoin boom in December

Pepe (PEPE), the third-largest memecoin by market capitalization, has mirrored the overall volatility of the market. Pepe’s price rose to a high of $0.000026 on December 9 before falling to just $0.000017 on December 20.

One notable highlight of December was Pepe's listing on Binance.US on December 4. This was a move to increase the digital asset exchange's presence in the increasingly lucrative memecoin market. In addition to Binance, Coinbase has also listed other memecoins such as Moodeng (MOODENG), Mog (MOG), and Dogwifhat (DOG).

After being listed on Binance.US, Pepe's price reached a record high, surpassing Uniswap's UNI token in terms of market capitalization on December 7. In early 2024, Pepe's market capitalization was estimated at around $591 million, but after listing, the token saw a strong breakout, with its market capitalization surpassing $11 billion, representing an 18x growth since the beginning of the year.

Over the past year, smart traders have made millions of dollars investing in Pepe. In April, one trader spent $3,000 on Pepe tokens, and in just one month, that investment skyrocketed to $46 million as the token’s price increased more than 15,000 times.

Another notable transaction took place in December, when an investor spent $27 on Pepe tokens, and after more than 600 days of inactivity, transferred about $52 million worth of the tokens to a new wallet. According to data from on-chain analytics firm Lookonchain, this investor achieved a return of up to 1,900,000 times the initial investment.

Although the memecoin market saw a decline in capitalization in December, tokens like Pepe remained highly attractive to investors. However, the strong volatility of memecoins also warns of the high risk and instability of this market.



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